(a) A bridge, including the tangible property appurtenant to it, is exempt from property taxation if:

1. (1) the bridge is constructed:

   1. (A) entirely within this state and across a navigable stream; or
   2. (B) across a stream forming a boundary of this state;
2. (2) the bridge is owned by a state or a political subdivision of a state; and

3. (3) the bridge:

   1. (A) is (except as provided in subsection (b) of this section) operated free of tolls; or
   2. (B) was authorized or consented to by an act of Congress.

(b) The exemption provided in this section may not be denied because tolls are charged if the tolls are levied:

1. (1) to establish a sinking fund for the cost, including interest and other financing charges, of the bridge and its approaches; or

2. (2) to provide for the proper maintenance, repair, and operation of the bridge and its approaches.

   [Pre-1975 Property Tax Recodification Citation: 6-1-14-1.]

   Formerly: Acts 1975, P.L.47, SEC.1. As amended by P.L.42-2011, SEC.5.